Convergence process Subsequently, in pursuance of the Budget Statement of the Finance Minister in February 2014, (i) On voluntary basis for financial statements for accounting periods beginning on or after 1 April 2015, with the comparatives for the periods ending 31 March, 2015 or thereafter; (a) Companies whose equity and/or debt securities are listed or … Read more
Q 1 What are the primary differences with IFRS? A 1 GLOBAL vs LOCAL SUBSTANCE vs FORM GROUP vs STANDALONE ENTITY vs COMPANY PRINCIPLES vs RULES FAIR VALUE vs HISTORICAL COSTS BALANCE-SHEET vs P and L Q 2 What is advantage India in whole process? A 2 That is what one refers as GLOBAL vs … Read more
The Finance Minister in the Budget speech 2014-15 announced that the Indian Accounting Standards (Ind AS) i.e. accounting standards based largely on with International Financial Reporting Standards (IFRS) shall be applied by Indian Companies from F.Y. 2015-16 voluntarily and from F.Y. 2016-17 on a mandatory basis. Implementation of Ind AS for banks, insurance companies and … Read more
Scope of IAS 16 IAS 16 should be followed when accounting for property, plant and equipment unless another international accounting standard requires a different treatment. Property, plant and equipment are tangible assets that are held for use in the production or supply of goods or services, for rental to others, or for administrative purposes and … Read more
Government owns huge intangible assets and scams predominantly happen in intangible assets. Recently CAG had been valuing intangible assets like spectrum at FAIR VALUE, which is precise base of IFRS. Should we expect further unearthing of scams? If so, in which intangible assets? Time has come to look at some reporting as a TOOL FOR … Read more
Revenue is income arising in the ordinary course of an entity’s activities and it may be called by different names, such as sales, fees, interest, dividends or royalties. It is important to establish the point at which revenue may be recognized so that the correct treatment can be applied to the related costs. IAS 18 … Read more
International Financial Reporting Standards (IFRS) is the set of accounting standard. IFRS is developed and published by International accounting standard board (IASB). IFRS becomes the global standard for preparation of financial statements. More than 150 countries have adopted the IFRS as accounting standards and most of the countries are on the way of adopting. As … Read more
In following video I have explained the importance of the IFRS in job industries for the Chartered Accountants.